Wedbush Cuts DocuSign (NASDAQ:DOCU) Price Target to $85.00

DocuSign (NASDAQ:DOCU) had its target price reduced by Wedbush from $100.00 to $85.00 in a report published on Friday morning,Benzinga reports. Wedbush currently has a neutral rating on the stock.

A number of other analysts have also recently commented on DOCU. Wells Fargo & Company cut their price target on shares of DocuSign from $73.00 to $65.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 22nd. Robert W. Baird set a $93.00 target price on DocuSign in a report on Friday, March 14th. Royal Bank of Canada restated a “sector perform” rating and set a $90.00 price target on shares of DocuSign in a report on Friday, March 14th. Citigroup lifted their price objective on shares of DocuSign from $113.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, March 14th. Finally, JMP Securities reissued a “market outperform” rating and set a $124.00 target price on shares of DocuSign in a research note on Tuesday, June 3rd. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $89.15.

DocuSign Price Performance

DocuSign stock opened at $75.28 on Friday. The business has a 50 day moving average of $82.08 and a 200-day moving average of $86.32. The company has a market capitalization of $15.24 billion, a P/E ratio of 15.52, a P/E/G ratio of 6.94 and a beta of 1.14. DocuSign has a 1 year low of $48.80 and a 1 year high of $107.86.

DocuSign (NASDAQ:DOCU) last announced its earnings results on Thursday, June 5th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.09. DocuSign had a return on equity of 14.90% and a net margin of 34.73%. The business had revenue of $763.65 million during the quarter, compared to analyst estimates of $748.79 million. During the same period last year, the company earned $0.82 EPS. DocuSign’s revenue for the quarter was up 7.6% compared to the same quarter last year. Equities analysts anticipate that DocuSign will post 1.17 EPS for the current year.

DocuSign announced that its board has approved a stock buyback plan on Thursday, June 5th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the company to reacquire up to 6.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Transactions at DocuSign

In related news, CFO Blake Jeffrey Grayson sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $76.09, for a total transaction of $608,720.00. Following the completion of the sale, the chief financial officer now owns 86,156 shares in the company, valued at approximately $6,555,610.04. This trade represents a 8.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Robert Chatwani sold 15,706 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $83.19, for a total transaction of $1,306,582.14. Following the transaction, the insider now directly owns 76,842 shares of the company’s stock, valued at $6,392,485.98. This represents a 16.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,851 shares of company stock worth $3,912,239 in the last 90 days. Insiders own 1.01% of the company’s stock.

Institutional Investors Weigh In On DocuSign

Several institutional investors have recently added to or reduced their stakes in DOCU. Banque Transatlantique SA bought a new stake in DocuSign during the 1st quarter valued at $26,000. Hemington Wealth Management boosted its holdings in DocuSign by 318.1% in the 1st quarter. Hemington Wealth Management now owns 347 shares of the company’s stock valued at $28,000 after purchasing an additional 264 shares during the period. Kestra Investment Management LLC purchased a new position in shares of DocuSign during the 4th quarter valued at $30,000. Golden State Wealth Management LLC increased its holdings in shares of DocuSign by 519.4% in the first quarter. Golden State Wealth Management LLC now owns 384 shares of the company’s stock worth $31,000 after purchasing an additional 322 shares during the period. Finally, Summit Securities Group LLC bought a new stake in DocuSign during the first quarter valued at $34,000. 77.64% of the stock is owned by hedge funds and other institutional investors.

About DocuSign

DocuSign, Inc provides electronic signature solution in the United States and internationally. The company provides e-signature solution that enables sending and signing of agreements on various devices; Contract Lifecycle Management (CLM), which automates workflows across the entire agreement process; Document Generation streamlines the process of generating new, custom agreements; and Gen for Salesforce, which allows sales representatives to automatically generate agreements with a few clicks from within Salesforce.